SOME PHASES OF SHORT SELLING. 69 



Was it impossible to wreck values by sliort-sellinj? prices would be far more steady 

 and monied men would be willing to l)uy actual products for investment, but now so fre- 

 i|uent, erratic and rapid are the lluctuatioiis in values, consequent upon the continual 

 ell'ort of the short-seller to put down prices, that the merchant is deterred from investing 

 in property tlie price of which is determined by such abnormal metlKids. 



It has lona; been axiomatic that property that is hawked from one to another in 

 search of a buyer becomes stale and pracliially unsalable at anything near its real value, 

 anil this is just what tlie short-seller and non-owner is constantly doing with property of 

 \\\r (:ivnier wif/iout the owner's consent and against his most earnest protest. The result 

 is that wliich always follows when property is tlius hawked about in search of a buyer. 

 There is but one remedy possible, and that is for Congre.ss to exercise the taxing power 

 for the protection of the live millions of cotton and grain growers and tax the 20,000 mar- 

 ket-wrecking short-selling gamblers of the Boards of Trade out of existence, and thus 

 relieve production of an intolerable burthen. 



The market wrecker has erected a toll bridge on the highway of conmierce where 

 there is no stream to cross. 



Should not farmers, in and out of season, write and talk to their senators and rep- 

 reaentatives in Congress persistently until the Butterworth bill, or even a more effective 

 measure, becomes a law? 



Why should not the farmer make life a burthen to the law maker until he grants 

 the required protection to the greatest industry of the nation ? 



Shall all other interests be "protected" and only the farmer be left without the 

 sadly needed protection while he alone is taxed for the benefit of the ' protected classes?" 



OPINIONS, PROFESSIONAL AND OTHER, OF MARKET WRECKING. 



The great short-seller (Pardridge) is reported to have said to the reporter of a Chi- 

 cago paper that had his money not have run short — he was unable to create fiat money 

 as readily as he could flat grain— he could and would have forced the price of wheat to 75 

 cents, and one of his brokers said that if wheat was selling at .5 cents per bushel he would 

 be unhappy if he could not force it to four and a half. 



Leopold Bloom, who made a million or more by gambling on the Board and ia 

 reported to have lost $35,000 in a "brace" game of faro with two other Board of Trade 

 operators (and which he refused to pay), hence is competent to express an opinion of 

 Board of Trade as well as other varieties of gambling, says that: 



"It is too much of a strain on a man. One is under pressure all the time. He la 

 betting his money against the market. If he buys and she goes up he wins, but if she 

 goes down he is a loser. Its aplain game of gamble, but it's legal and laro isn't. If they 

 would tak". the limit off faro it would he a better game than wheat, because you could get 

 quicker action; but with the limit on tliere isn't money enough in it. A fellow who is play- 

 ing agiiii;st the market (against legitimate supply and demand) takes a good many 

 chances, and now that I've got enough to keep me comfortably I want to rest." 



May 28th, 1891, the Board of Trade firm of Keunett & Hopkins is reported to have 

 said: 



"From a statistical standpoint the position of wheat has not been strong-^r for 

 many years, but the huge offerings by the bears breaks down the price in the face of the 

 strongest conditions. This may go on for weeks notwithstanding the grain moves east- 

 ward in a great flood and is exported as soon as it reaches tide water." 



Observed Robert Li ud bloom: 



"It is hard to buck against the millions of wind wheat that we have to contend 

 with in the wheat pit. The bears are determined that the legitimate news shall produce 



